Stocks to buy

3 High-Growth Tech Stocks Destined to Make Millionaires by 2033

Selecting growth stocks presents a challenge when considering factors like disruptive business models and leadership. So, instead of extensive financial analysis, observing the choices of millionaire investors and hedge fund managers offers insights into potential market-beating options. Indeed, these professionals possess substantial research resources and unique insights, making their stock selections noteworthy. 

And, exploring the recent activities of such investors can unveil compelling growth stock opportunities. Therefore, let’s talk about three extremely high-growth tech stocks you should have now if you want to be a millionaire in ten years.

Microsoft (MSFT)

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Having successfully concluded the Activision Blizzard merger, Microsoft (NASDAQ:MSFT) has solidified its position in the gaming sector.

Consequently, the firm is minimizing competition and enhancing the appeal of its Xbox Game Pass subscription service. Known for its commitment to innovation, Microsoft has demonstrated consistent upward momentum. In fact, investors see it as a resilient stock for the past five years, making it a favorable long-term investment.

Microsoft embeds ChatGPT in Bing, Azure, Teams, and Microsoft 365 Copilot, fortifying its technology across platforms. Investors like Ron Baron and Joel Greenblatt initiated new MSFT positions. Also, Ken Fisher expanded his significant stake, benefiting from the company’s robust free cash flow growth and annual dividend increases.

Furthermore, Microsoft continues to revolutionize technology’s future using AI, notably enhancing workplace efficiency. The company launched an AI-augmented co-pilot version of its widely used Office Suite, promising swift improvements in departmental work speed and efficiency. Hence, these underscore MSFT’s resiliency.

Zoom Communications (ZM)

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Zoom Communications (NASDAQ:ZM) maintains an optimistic financial outlook for fiscal year 2024. The comms firm projects total revenue around $4.51 billion, affirming its growth commitment. Recent innovations like Zoom Docs and AI meeting tools, coupled with acquisitions and hybrid work solutions, position Zoom as a versatile tech powerhouse poised for success.

ZM, a video communication platform provider, introduced Zoom AI Companion (formerly Zoom IQ) on September 5, 2023. This generative AI digital assistant is now offered at no extra charge to customers with paid services in their Zoom user accounts.

Also, in the fiscal third quarter ending October 31, 2023, ZM reported a 3.2% year-over-year (YOY) revenue increase to $1.14 billion. Non-GAAP income from operations surged 154.7% to $461.68 million. 

Non-GAAP EPS reached $0.45, up 181.3% YOY. Analysts project a 1.1% YOY revenue growth to $1.13 billion in the fiscal fourth quarter ending January 2024, with an expected EPS of $1.15. ZM consistently exceeded consensus estimates in the past four quarters.

Matterport (MMTR)

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Matterport (NASDAQ:MTTR) is reemerging as a key player in the virtual reality/digital twin sector. Known for its 3D cameras and software, the company experienced robust Q2 growth, with revenues rising 39% to $39.6 million. Yet, despite increased losses, the rate of loss growth is lower than the revenue increase, hinting at potential future improvements.

Matterport, known for digital twins, saw a 20% rise in subscription revenue to $22.9 million. This contributes to a total revenue of $40.6 million, surpassing estimates by 7%. Subscribers grew by 35% YOY to 887,000, with managed spaces increasing by 28% to 11.1 million. Notably, the company’s gross margin improved by 800 basis points to 49%, driven by subscription growth and reduced product costs. 

With a steady revenue climb this year, particularly in subscriptions, the company reached an impressive sales estimate of $159 million. It showcases a 36% compound annual growth from 2019 to 2023. Losses are decreasing, and as big tech ventures into VR/AR, the metaverse will draw investor attention.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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